First Sabrepoint Capital Management LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), First Sabrepoint Capital Management LP reported 32 stock positions worth $267.1 million . Its top holding was Laureate Education (LAUR) at 7.4% of the portfolio, followed by Turning Point Brands (TPB, 6.3% ) and Microsoft (MSFT, 5.5% ). Compared with Q3 2024, it opened 5 new positions, sold out of 2, added to 8 and reduced 12. The biggest buy was Grand Canyon Education (LOPE, shares +345% ) and the biggest sale Vistra (VST, shares −57% ).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $267.1M (Q4 2024) Holdings 32 stocks · $267.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 LAUR Laureate Education Inc. 1,075,000 $19.7M Add +7.5% TPB Turning Point Brands Inc. 280,000 $16.8M Add +60.7% MSFT Microsoft Corp. 35,000 $14.8M No change FCFS Firstcash Holdings Inc. 138,915 $14.4M Reduce -30.5% MAA Mid-America Apartment Comm 85,000 $13.1M Reduce -15.0% LOPE Grand Canyon Education Inc. 75,000 $12.3M Add +345.1% PM Philip Morris International 100,000 $12.0M No change STRL Sterling Infrastructure Inc. 70,000 $11.8M No change NVGS Navigator Holdings Ltd. 682,516 $10.5M Add +266.4% EEFT Euronet Worldwide Inc. 100,000 $10.3M Reduce -8.9% PGNY Progyny Inc. 560,000 $9.7M New VST Vistra Corp. 65,000 $9.0M Reduce -56.7% WD Walker & Dunlop Inc. 92,058 $8.9M Reduce -38.6% EGY Vaalco Energy Inc. 1,950,000 $8.5M Add +34.5% BLD Topbuild Corp. 25,000 $7.8M Add +123.2% AESI Atlas Energy Solutions Inc. 350,000 $7.8M Reduce -5.4% GRBK Green Brick Partners Inc. 135,000 $7.6M Add +125.0% CPT Camden Property Trust 65,000 $7.5M Reduce -18.8% CIEN Ciena Corp. 85,200 $7.2M New TLN Talen Energy Corp. 35,000 $7.1M No change TFIN Triumph Financial Inc. 67,488 $6.1M Reduce -32.5% AZO AutoZone Inc. 1,850 $5.9M No change NVR NVR Inc. 700 $5.7M Add +62.8% CVCO Cavco Industries Inc. 12,750 $5.7M No change OABI Omniab Inc. 1,460,602 $5.2M Reduce -12.3% WSC Willscot Holdings Corp. 135,000 $4.5M Reduce -43.3% TPR Tapestry Inc. 50,000 $3.3M New IMXI International Money Express 148,821 $3.1M No change DHI D.R. Horton Inc. 19,949 $2.8M Reduce -21.8% PHM Pultegroup Inc. 25,000 $2.7M New MTH Meritage Homes Corp. 17,500 $2.7M Reduce -32.7% GOGO Gogo Inc. 325,000 $2.6M New
Options reported separately and not counted above: FIRSTCASH HOLDINGS INC calls ($22.8M), TURNING PT BRANDS INC calls ($10.3M), MODINE MFG CO puts ($9.3M), HARROW INC puts ($6.0M), NEW FORTRESS ENERGY INC puts ($5.8M), SOUNDHOUND AI INC puts ($5.8M), IRON MTN INC DEL puts ($5.0M), GOOSEHEAD INS INC puts ($4.9M), POWELL INDS INC puts ($4.4M), JOBY AVIATION INC puts ($3.7M), ARCHER AVIATION INC puts ($3.4M), RED CAT HLDGS INC puts ($3.3M), and 15 more.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Reduce -56.7% 3.36% −3.50 FCFS Firstcash Holdings Inc. Reduce -30.5% 5.39% −3.46 WD Walker & Dunlop Inc. Reduce -38.6% 3.35% −3.22 PYPL PayPal Holdings Inc. Sold out 0.00% −3.16 OLN Olin Corp. Sold out 0.00% −2.03 WSC Willscot Holdings Corp. Reduce -43.3% 1.69% −1.76 MAA Mid-America Apartment Comm Reduce -15.0% 4.92% −1.21 MTH Meritage Homes Corp. Reduce -32.7% 1.01% −1.05 CPT Camden Property Trust Reduce -18.8% 2.82% −0.99 DHI D.R. Horton Inc. Reduce -21.8% 1.04% −0.83 OABI Omniab Inc. Reduce -12.3% 1.94% −0.78 TFIN Triumph Financial Inc. Reduce -32.5% 2.30% −0.77 EEFT Euronet Worldwide Inc. Reduce -8.9% 3.85% −0.35 AESI Atlas Energy Solutions Inc. Reduce -5.4% 2.91% −0.20
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ LOPE Grand Canyon Education Inc. Add +345.1% 4.60% +3.68 PGNY Progyny Inc. New 3.62% +3.62 TPB Turning Point Brands Inc. Add +60.7% 6.30% +3.40 NVGS Navigator Holdings Ltd. Add +266.4% 3.92% +2.77 CIEN Ciena Corp. New 2.71% +2.71 TPR Tapestry Inc. New 1.22% +1.22 BLD Topbuild Corp. Add +123.2% 2.91% +1.16 PHM Pultegroup Inc. New 1.02% +1.02 GOGO Gogo Inc. New 0.98% +0.98 LAUR Laureate Education Inc. Add +7.5% 7.36% +0.96 GRBK Green Brick Partners Inc. Add +125.0% 2.86% +0.92 NVR NVR Inc. Add +62.8% 2.14% +0.52 EGY Vaalco Energy Inc. Add +34.5% 3.19% −0.02
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ FIRSTCASH HOLDINGS INC call Add +69.8% 219,900 $22.8M TURNING PT BRANDS INC call New 171,900 $10.3M MODINE MFG CO put New 80,100 $9.3M GRAND CANYON ED INC call Sold out 60,000 $8.5Mbefore exit NEW FORTRESS ENERGY INC put Reduce -26.7% 385,000 $5.8M SOUNDHOUND AI INC put New 293,000 $5.8M IRON MTN INC DEL put Reduce -36.8% 48,000 $5.0M GOOSEHEAD INS INC put Reduce -56.2% 48,100 $4.9M POWELL INDS INC put New 20,000 $4.4M JOBY AVIATION INC put New 450,000 $3.7M ARCHER AVIATION INC put New 350,000 $3.4M INSEEGO CORP put Sold out 207,000 $3.4Mbefore exit RED CAT HLDGS INC put New 260,000 $3.3M BRINKER INTL INC put New 25,000 $3.3M HA SUSTAINABLE INFRA CAP INC put Sold out 95,000 $3.3Mbefore exit BANCORP INC DEL put Sold out 55,000 $2.9Mbefore exit HA SUSTAINABLE INFRA CAP INC put New 95,000 $2.5M GOLD COM INC put Sold out 55,200 $2.4Mbefore exit WESTROCK CO put Sold out 370,700 $2.4Mbefore exit PROCEPT BIOROBOTICS CORP put Reduce -51.0% 25,000 $2.0M RIGETTI COMPUTING INC put New 130,000 $2.0M SWEETGREEN INC put Sold out 50,000 $1.8Mbefore exit WILLSCOT HLDGS CORP call New 50,000 $1.7M WESTROCK COFFEE CO put New 258,400 $1.7M INARI MED INC put Reduce -72.9% 30,000 $1.5M OMEROS CORP put New 120,600 $1.2M IONQ INC put New 25,000 $1.0M PALANTIR TECHNOLOGIES INC put Sold out 25,000 $930Kbefore exit NUSCALE PWR CORP put New 40,000 $717K QUANTUM COMPUTING INC put New 35,000 $579K AEROVIRONMENT INC put New 3,100 $477K MEDICAL PPTYS TRUST INC put Reduce -80.0% 100,000 $395K AST SPACEMOBILE INC put New 14,000 $295K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 20 $234.0M TPB, FCFS, STRL, EGY, TFIN Q1 2026 27 $244.6M TPB, FCFS, CVCO, AMRZ, LOPE Q4 2025 24 $243.2M TPB, FCFS, LAUR, CVCO, CVSA Q3 2025 18 $247.7M TPB, FCFS, LAUR, CVCO, MSFT Q2 2025 23 $233.7M TPB, FCFS, LAUR, MSFT, BTI Q1 2025 27 $239.1M TPB, FCFS, LAUR, MAA, PM Q4 2024 32 $267.1M LAUR, TPB, MSFT, FCFS, MAA Q3 2024 29 $259.4M FCFS, VST, WD, LAUR, MAA Q2 2024 27 $236.5M MAA, LAUR, FCFS, MSFT, TFIN Q1 2024 26 $224.6M AESI, CRH, WSC, MSFT, FCFS